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Millennials accuse Baby Boomers of ruining the economy

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Re: Millennials accuse Baby Boomers of ruining the economy

#31

Post by candiddevmike »

scottLobster wrote: post #21
burntoutfire wrote: post #7

Earlier quoted context omitted.

Isn't it normal for people who have more productive years behind them already (and thus more savings etc.) to own a bigger share in the economy? Today's Gen Z-ers will too be retired 40-50 years from now, and will also own lots of assets then.

Bigger, sure. But the oldest US millennials are turning 40 now, and own around 5% of the wealth. Likewise when the US Boomers were the age millennials are now they owned about %20 of the wealth collectively.

I wonder if the oversized tech millionaire/billionaire millennials inflate the amount of wealth the majority millennials actually hold. Judging by the number of millennials I know anecdotally living with their parents, I don't think most millennials own a lot of assets.

Re: Millennials accuse Baby Boomers of ruining the economy

#32

Post by the_solenoid »

scottLobster wrote: post #21
burntoutfire wrote: post #7

Earlier quoted context omitted.

Isn't it normal for people who have more productive years behind them already (and thus more savings etc.) to own a bigger share in the economy? Today's Gen Z-ers will too be retired 40-50 years from now, and will also own lots of assets then.

Bigger, sure. But the oldest US millennials are turning 40 now, and own around 5% of the wealth. Likewise when the US Boomers were the age millennials are now they owned about %20 of the wealth collectively.

And, buying power was wayyyyy stronger for them. As a % of income, housing tended to cost a fraction of what is currently the norm. It's not uncommon for boomers to just have 2-3 properties because in a middle class job you could afford it.

Re: Millennials accuse Baby Boomers of ruining the economy

#33

Post by refurb »

scottLobster wrote: post #21
burntoutfire wrote: post #7

Earlier quoted context omitted.

Isn't it normal for people who have more productive years behind them already (and thus more savings etc.) to own a bigger share in the economy? Today's Gen Z-ers will too be retired 40-50 years from now, and will also own lots of assets then.

Bigger, sure. But the oldest US millennials are turning 40 now, and own around 5% of the wealth. Likewise when the US Boomers were the age millennials are now they owned about %20 of the wealth collectively.

But the boomers were a much bigger percent of the population than millennials are today, so of course they’d own more?

Re: Millennials accuse Baby Boomers of ruining the economy

#34

Post by imtringued »

If there is a generational shift then it wasn't because they made things worse, rather they got to live life in easy mode. Post war economies experience a lot of growth and labor is actually valued since there is plenty of work to be done. Low skill labor had plenty of value.

Nowadays, especially since the 80s mania of labor deregulation, globalization, tax cuts, austerity and other small government policies low skilled labor is no longer valued. People are increasingly forced to specialize. Competition over jobs and housing is getting more intense. It's not just the young people getting screwed though. There are plenty of old people being left behind but most of them already acquired assets like houses so people do not pity them.

Re: Millennials accuse Baby Boomers of ruining the economy

#36

Post by Zenst »

The whole premise of a younger generation being a upset at a prior older generation for political, fiscal etc etc reasons - has and always will be it seems, a theme that will just keep on running for century's more.

Thing is, in 30 years time, the current young adults will be saying near on verbatim the same things about the current generation that will now be in the age demographic they currently lambaste.

Equally though, you will find the older generation moaning and having equally perspectives upon the younger generation an equally stereotypical mindsets.

It's all rather silly this grouping up whole age demographics and slapping a label upon them IMHO. Indeed, assigning blame to a demographic only distracts from identifying and addressing the real issues as real issues stand out on there own and anything else added to the mix - be that age-group labelling, only distracts and sadly more so - enables people to dismiss the issues as they get buried in a sea of label name calling and finger pointing.

Re: Millennials accuse Baby Boomers of ruining the economy

#38

Post by imtringued »

redleggedfrog wrote: post #8

Oh my how we love labels! And arguing about pointless sh!t. Question actually is wtf we going to do about the current challenges. Finger pointing doesn't move that forward.

Build more housing and lease new land to homeowners/developers rather than sell it. That should be the first priority and the reason why it is important is also is the reason why it won't happen.

Re: Millennials accuse Baby Boomers of ruining the economy

#39

Post by Zenst »

rovek wrote: post #13

This article seems to present a strange collection of information. "Young people and porn" as a heading really came from nowhere.

Yes that did strike me as a bit of a curve-ball given the direction the article was slanting. Maybe the reader is left to conclude that if older people watched more porn - the economy, politics...would be better! Obviously not as that would be silly, and yet I would not be supprised if I read an article with that whole perspective as a follow-up.

Re: Millennials accuse Baby Boomers of ruining the economy

#40

Post by HPsquared »

the_solenoid wrote: post #24
burntoutfire wrote: post #7

Earlier quoted context omitted.

Isn't it normal for people who have more productive years behind them already (and thus more savings etc.) to own a bigger share in the economy? Today's Gen Z-ers will too be retired 40-50 years from now, and will also own lots of assets then.

In a perfect world, that makes sense. But, wages have been flat since pretty much the 80's for the vast majority of workers (weather tracking inflation and/or productivity) while common long term investments like housing have become out of reach due to supply issues, brought on by... rich people and companies buying up all the properties and seeking rents (both foreign and domestic), and retirement has moved from pen…

Just think where we'd be if all that money spent on higher education had instead gone towards housebuilding, we'd all be better off.
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